With SBAC poised to announce earnings this afternoon, and with AMT and CCI’s previous positive reporting for macrocell growth, we thought we would address the questions we have for SBAC, recognizing that some of these won’t be answered.
- Have you received a substantive number of modification applications related to 600MHz from T-Mobile?
- What is the breakdown of new collocation applications – rural/suburban/urban?
- What impact are you seeing for new macrocell colocation applications in states that have approved statewide small cell legislation favorable to the wireless industry?
- Is there any activity in the six FirstNet states that have opted in? Will MLAs be amended before all states opt-in?
- Is there churn on Big Four colocation leases older than five years?
- Are you seeing tower climbing crew shortages or backlog?
- Will FirstNet leases be negotiated proforma or individually? If individually, when will guidance relative to FirstNet be provided?
- Are you receiving increased pressure from the wireless service providers on escalators in lease amendment negotiations?
- With fewer tower assets being built and sold by smaller tower developers and large carrier portfolios already sold, how does SBA intend to increase or even maintain growth relative to its peers without a significant small cell or an international play?
And just for fun:
- With AT&T and Verizon announcing very low churn and showing strong or record EBITDA margins this past quarter, is it hard not to laugh at them when they ask for rent concessions or escalator concessions for colocations?